“I honestly don’t know what our situation will be like next month, let alone if we are still closed through July or August,” theater owner Adam Bergeron tells TheWrap

Many independent theater owners are complaining that promised federal financial relief has been hamstrung a haphazard rollout and a banking system that has never taken on a loan program of its scale.

While billions in federal stimulus for small business owners was met with cheers by a movie theater industry shut down by the coronavirus pandemic, multiple owners told TheWrap that even applying for the loan has been a difficult process.

Lucie and Larry Mann, owners of Park Plaza Cinema in South Carolina, said that they first attempted to apply for a loan through the Small Business Administration (SBA) website shortly after Congress passed what is known as the CARES Act, only to find days later that they would have to apply through a bank approved by the SBA as a lender. But their own bank was not one of those lenders.

“They declined because they didn’t know that this loan program was going to be dumped on the banks,” Larry Mann said. “And many banks that were approved SBA lenders were only taking loan applications for businesses they had a pre-existing relationship with by February 15. We eventually were referred to Radius Bank, and they were accepting open applications, but it was all done online, and there was no one we could talk to. It was rather unsettling.”

Other theater owners shared similar experiences with their applications to banks struggling to get a handle on a new program suddenly thrust upon them. Last Friday, the new system was opened less than 24 hours after the U.S. Treasury Department, led by Sec. Steven Mnuchin, issued final rules on the program to banks.

The loan program was applauded by the National Association of Theatre Owners (NATO) when it was first passed through Congress, with the trade organization praising it as an essential step to help keep movie theaters open as they are expecting to be shut down for several months.

“With this aid, movie theaters can get through this crisis confident in being able to re-open, knowing their vital, trained workforce is able to weather this pandemic and have jobs waiting for them when it is safe to reopen,” NATO said last month.

But now that the rollout has begun, such expectations have been tempered. This past week, a NATO spokesperson told TheWrap that it is providing guidance to theater owners on the details of the CARES Act and the federal loan program as they become available. But the trade organization has found that the program “has proven to be less useful than anticipated for businesses that are closed and can’t pay employees.”

“Many small businesses are discovering that the requirements act primarily as a pass-through to employees, but do not help with companies’ other needs,” NATO said. “But this is not the only program that will be available.”

The main loan program passed by Congress in the CARES Act was the Paycheck Protection Program (PPP), a $350 billion SBA initiative that aims to provide low-interest loans to small businesses in order to keep employees paid during the crisis. The loan comes with the offer that it can be forgiven by the SBA if at least 75% of the loan is used towards payroll.

But upon the program’s launch, top banks like Wells Fargo, JP Morgan Chase and Citigroup refused to open applications until further moves by the federal government; and while all three are now accepting applications, JP Morgan Chase is the only one only giving small business loans through the program, while Wells Fargo has used the crisis to get the Federal Reserve to temporarily lift an asset cap it had received as a penalty for creating millions of fake bank accounts in the midst of the 2007-08 financial crisis.

Even Bank of America, which was accepting applications upon launch, put up the sort of requirements that the Manns ran into: Only those with “business lending and a business deposit relationship” can apply. Those rules prompted a class action lawsuit filed in Baltimore against the bank, to which Bank of America responded in a filing Thursday that the CARES Act “nowhere prohibits participating lenders from determining how best to prioritize to whom they will lend under the program.”

While this has all happened, Bank of America said it received more than 85,000 applications worth more than $22 billion in loans on its very first day. With an estimated 30 million small businesses in the country, it’s clear that only a small fraction of all businesses, let alone movie theaters, will be able to take advantage of this program. Even though Mnuchin has called for an additional $250 billion to be added to the fund by Congress, this competition between small businesses for federal loans has the Manns concerned.

“There’s a limited amount of funds, and even if our application is approved, it’s only going to help so much,” Larry Mann said. “That helps, and we’ve negotiated a partial payment plan to cover our rent, but it’s not going to cover everything.”

The nature of movie theaters has also clouded whether some regional chains qualify for the loan. One chain that elected not to apply in part because of that uncertainty is Santikos Theatres, which operates nine multiplexes in San Antonio. The chain has more than 500 employees, the maximum amount allowed for businesses to qualify for PPP. But CEO Tim Handren found that after the employee count rule, the guidelines for the loan refers to employees as FTEs, or full-time employees, that work at least 40 hours per week. While more than 500 people are employed by Santikos, not all of them would count as FTEs.

“After consulting with NATO and our banking partners, we decided that it was probably best for us to not apply,” Handren said. “We’re fortunate that our balance sheets are very strong right now and that we’ve been able to continue paying health benefits to our employees even as we’ve had to furlough them.”

Even for those who have had less difficulty with the application process, there are still questions about whether they will be able to use the loan to cover some of their most pressing expense problems during the lockdown.

“When we knew we had to close, we gathered our employees — we have 15 — and told them we were going to help them file for unemployment benefits,” said Adam Bergeron, who operates the historic Vogue and Balboa theaters in San Francisco, with over 100 seats that among the first cinemas in the U.S. to close on March 13. “Most, though not all, of our employees have had their applications processed and are getting UI checks, so it was at least good to know that being ahead of the curve allowed us to make sure they had some help.”

Bergeron’s CinemaSF, which manages the Vogue and Balboa, has Bank of America as its banking partner and was able to complete its application earlier this week. The company also applied for a $50,000 loan that San Francisco’s local government is offering to small businesses, as well as the SBA’s Disaster Loan program during the first week of California’s lockdown back in mid-March. While none of the checks have come in yet, he feels confident that they would help CinemaSF deal with closures that are now expected to last at least until July and possibly longer.

But there is still a major element of the federal loan program that Bergeron is not sure about: the forgiveness requirements. Because CinemaSF’s 15 employees have filed for unemployment benefits, they are no longer on payroll. This has left Bergeron unsure of whether he would have to bring all his employees back on payroll in order to comply with the rule stating that at least 75% of the loan has to be used on payroll for it to be forgiven.

“It’s still a loan on very low interest, so having to pay it back wouldn’t be the worst-case scenario,” he said. “But I still have outstanding costs for things like concession vendors that are still standing from before the lockdown, and I don’t know if the rules of the loan would allow me to use it to cover those costs. Also, if I hire back my employees to use the loan on payroll like they want, do I just pay them for no work or do I bring them back to the theaters to help clean up and keep things in shape, which would be violating the social distancing guidelines the government wants us to follow?”

Many also question if these programs will get aid to small businesses before theaters go under. In a Wall Street Journal survey published last week, 20% of small businesses only made a partial rent or mortgage payment for the month of April while about 30% made no payment at all.

Bergeron does not fall into either category, as he was able to pay rent for his theaters this month, but he’s not sure about next month.

“It was important to do as an act of good faith, but I did tell them that while I had the money for rent in April, I have no idea what the situation will be on May 1,” he said. “As a theater owner, I’m used to playing catch-up on paying costs from a few months ago and knowing that a couple bad weeks could cause me to fall behind. But I honestly don’t know what our situation will be like next month, let alone if we are still closed through July or August.”

For now, there’s still one small bit of solace that Bergeron and the Manns have drawn from during this crisis: the sense of community that they bring to their neighborhoods as indie theaters.

“We bought Park Plaza Cinema in 2010, during the recession, and we’ve seen firsthand what our theater has meant to people who live here,” Lucie Mann said. “I’ve seen families of 10 or 15 people come in together to watch a movie. I’ve watched all sorts of people connect and reconnect here and they keep coming back every time. I think for independent theaters like ours, there’s a real sense of connection that local residents have with it that I don’t think people have with theaters from the big chains.”

Chains like Santikos have also tried to give back to the community, providing affordable meals to their employees along with continued health benefits. Meanwhile, CinemaSF has seen an increase in merchandise sales since the lockdown began and is also now a participant in the Virtual Cinema program, a home movie rental program also adopted by indie and premium chains like Laemmle and Alamo Drafthouse that allows customers to direct their purchase towards their local theater. While the revenue from the program has been a drop in the bucket compared to business as usual, it has allowed Adam Bergeron to see just how much the theaters he has worked so hard to maintain really mean to people.

“It’s amazing just seeing a chat room of 50 people talking about a movie online together. It really shows how important our theater is to a lot of people that work and live here,” he said. “I think that whenever this ends, people are going to remember the places that tried to maintain a sense of community even when we were all apart.”

All the Movies Suspended or Delayed Due to Coronavirus Pandemic (Updating)

As the coronavirus continues to spread, an increasing number of movies are delaying or suspending production. As the number of impacted movies grows, TheWrap felt it would be most informative to keep a running list.

Disney/MGM/Warner Bros.

"No Time to Die"

MGM, Universal and Bond producers Michael G Wilson and Barbara Broccoli announced that after careful consideration and thorough evaluation of the global theatrical marketplace, the release of "No Time to Die" will be postponed until November 2020.

Photo credit: Universal

"A Quiet Place Part II"

Director John Krasinski announced on Instagram that the horror sequel's March theatrical release would be delayed amid the growing spread of the coronavirus around the globe. Paramount has now dated the film for release on Sept. 4.

Photo credit: Paramount

“Peter Rabbit 2: The Runaway”

"Peter Rabbit 2: The Runaway" was one of the first films delayed as part of the coronavirus, with Sony pushing its late March release to Aug. 7. But as the shutdowns continued, Sony juggled its release slate so that the family film will now open Jan. 15, 2021.

Photo credit: Sony

"Fast and Furious 9"

The release of the next “Fast & Furious” installment, “F9,” has been delayed from May 22 to now opening on April 2, 2021.

Photo credit: Universal

"The Lovebirds"

Paramount postponed the April 3 theatrical release of the romantic comedy “The Lovebirds" starring Issa Rae and Kumail Nanjiani after its SXSW premiere was also canceled. Netflix then acquired the film from Paramount and will release it at a date to be announced.

Paramount/Netflix

"Blue Story"

Paramount postponed the theatrical release UK gang film "Blue Story," which was set to open on March 20. The film then premiered on digital on May 5.

Photo credit: Paramount

"The Artist's Wife"

Strand Releasing and Water's End Productions delayed the limited release of the Bruce Dern and Lena Olin film "The Artist's Wife." The film was meant to open in New York on April 3 in Los Angeles on April 10 and in San Francisco on April 17. No new release date has been set.

Strand Releasing

"The Truth"

Hirokazu Kore-eda's film "The Truth" from IFC Films will postpone its March 20 domestic release to now open at an unspecified date in summer 2020. The film is in both French and English starring Catherine Deneuve, Juliette Binoche and Ethan Hawke and has already opened in some overseas markets. IFC Films has set a new release date for July 3.

IFC Films

"Mulan"

Disney postponed the release of its blockbuster, live-action remake of the animated film "Mulan" from March 27 to now open on July 24. The shift was part of a big shuffle of films Disney made to its release calendar on April 3.

Disney

"The New Mutants"

After numerous delays, 20th Century's X-Men spinoff "The New Mutants" was also pushed back by Disney "out of an abundance of caution." The film from director Josh Boone was meant to open April 3. No new release date has been set.

20th Century Studios

"Antlers"

"Antlers," an indie horror film from director Scott Cooper starring Keri Russell, was also pushed back by Disney and Searchlight Pictures from its April 17 release. No new release date has been set.

Searchlight Pictures

"Black Widow" and the MCU

In a restructuring of its entire release calendar, Disney pushed back every Marvel movie in the cinematic universe. "Black Widow" was meant to open on May 1, but will now shift back to the slot previously occupied by "The Eternals" on Nov. 6.“Eternals” is moving to February 12, 2021, “Shang-Chi and The Legend of the Ten Rings” will open May 7, 2021, and “Doctor Strange in the Multiverse of Madness” is shifting to Nov. 5, 2021. The changes also affected Marvel's slate for 2022 with “Thor: Love and Thunder” opening Feb. 18, 2022, “Black Panther 2” shifting to May 8, 2022, and “Captain Marvel 2,” which was not previously dated, is now set for a July 8, 2022 release.

Marvel

Untitled Elvis Movie

Baz Luhrmann's Elvis Presley biopic starring Austin Butler ceased production in Australia after co-star Tom Hanks (playing Presley manager Col. Parker) and his wife, Rita Wilson, tested positive for COVID-19. The planned release date was also bumped back one month to now open Nov. 5, 2021.

Getty Images

"Mission: Impossible 7 and 8"

In late February, Paramount's action sequel halted production in Italy on the Tom Cruise action sequel. Paramount on April 24 also bumped the release dates of both films, with "M:I 7" moving to November 19, 2021 from its July 2021 release date, and the eighth film also moving back to Nov. 4, 2022 from its summer release.

Universal put a pause on production on the third "Jurassic World," with Chris Pratt returning to star in the dinosaur-stomping sequel.

Universal Pictures

"Flint Strong"

Universal also halted production on this boxing biopic starring Ice Cube and Ryan Destiny.

Getty Images

"The Man From Toronto"

Sony delayed the start of production on the action comedy starring Kevin Hart and Woody Harrelson (who stepped in to replace Jason Statham).

"Official Competition"

Spanish studio Mediapro suspended production on the new comedy starring Penélope Cruz and Antonio Banderas.

Getty Images

"The Batman"

On March 14, Warner Bros. halted the U.K. production on Matt Reeve's DC Films reboot for at least two weeks. The film stars Robert Pattinson as the Caped Crusader. On April 20, Warner Bros. officially shifted the release date back four months to Oct. 1 from its originally planned June 2021 release date. The shift also pushed back some other DC titles, including "The Flash" to June 3, 2022 and "Shazam 2!" to Nov. 4, 2022.

Warner Bros.

"Samaritan"

On March 14, MGM paused production on the Sylvester Stallone thriller. The film had been shooting in Atlanta.

Getty Images

"Cinderella"

Sony's modernized take on "Cinderella" from director Kay Cannon and starring Camila Cabello will put its production on hiatus due to the travel ban extension to the UK. The film was shooting at Pinewood Studios.

Getty Images

"Fantastic Beasts 3"

The third installment of J.K. Rowling's "Fantastic Beasts" series that's spun off from the Harry Potter universe will postpone its production that was scheduled to begin in March in the U.K. The film stars Eddie Redmayne, Johnny Depp, Jude Law and Katherine Waterston.

Warner Bros.

"The Card Counter"

Paul Schrader's "The Card Counter," starring Oscar Isaac, Willem Dafoe, Tye Sheridan and Tiffany Haddish, shut down production in Los Angeles for five days beginning Monday after the director said on Facebook that a "day player" tested positive for the virus. "Myself, I would have shot through hellfire rain to complete the film," Schrader added. "I'm old and asthmatic, what better way to die than on the job?"

Photo by Jayne Wexler for TheWrap

"The Matrix 4"

Production on "The Matrix 4" was temporarily put on hold in March, an individual with knowledge told TheWrap. The sequel starring Keanu Reeves was in production in Berlin, Germany.

Warner Bros.

"First Cow"

After releasing Kelly Reichardt's "First Cow" in limited release on March 6, the distributor announced Monday it will re-release the film in theaters later this year.

A24

"Deerskin"

The theatrical release of the indie film "Deerskin" from director Quentin Dupieux starring Jean Dujardin has been postponed until further notice. Greenwich Entertainment meant to release the film on March 20 after it played at Cannes, TIFF and Fantastic Fest. The movie will now open via a virtual cinema offering on May 1.

Greenwich Entertainment

"Uncharted"

“Uncharted,” the film adaptation of the popular PlayStation video game franchise starring Tom Holland, Mark Wahlberg, and Antonio Banderas, was unable to begin production in March amid coronavirus concerns. As part of a larger shuffle of Sony's release slate, the most recent release date for the film was also shifted back from March 2021 to Oct. 8, 2021.

Getty Images/Naughty Dog

"The Climb"

Sony Pictures Classics' indie comedy "The Climb," which played at Sundance this year, was meant to hit theaters March 20 but is now delayed until further notice.

Sony Pictures Classics

"Avatar"

The sequels to James Cameron's four "Avatar" sequels delayed shooting in New Zealand indefinitely, according to the film's producer Jon Landau speaking to the New Zealand Herald. The executive team was to fly to Wellington, NZ on Friday but will remain in Los Angeles due to the coronavirus. Landau said he couldn't give an answer as to when production would resume and when the local Kiwi crew could get back to work. "If I told you we are going to know something in two weeks I'd be lying. I might not be wrong - even a broken clock is right twice a day. But I would be lying because I don't know," Landau said. "We're in the midst of a global crisis and this is not about the film industry. I think everybody needs to do now whatever we can do, as we say here, to flatten the curve."

20th Century Studios

"The Personal History of David Copperfield"

Searchlight Studios was meant to release "Veep" creator Armando Iannucci's comedic take on the Charles Dickens novel on May 8. No new release date has been set.

Searchlight Pictures

"The Woman in the Window"

The Amy Adams mystery thriller from director Joe Wright, "The Woman in the Window" was meant to open in theaters on May 15 from 20th Century Studios. No new release date has been set.

20th Century Studios

"Bull"

The theatrical release of the Annie Silverstein indie drama "Bull" was postponed from its March 20 release and will now open on VOD and digital on May 1. The film has toured the festival circuit since making its debut at Cannes in 2019.

Samuel Goldwyn Films

"Minions: The Rise of Gru"

The latest "Minions" movie "The Rise of Gru" was postponed from its release date on July 3. Illumination Entertainment's Paris office was forced to shut down due to the coronavirus, so the film was not able to be finished in time. Universal will release the film on July 2, 2021, a full year after its initial date.

Universal

"Wonder Woman 1984"

The sequel to "Wonder Woman" starring Gal Gadot will now hit theaters on Aug. 14 after being pushed back from its June 5 release date.

Warner Bros.

"In the Heights"

The movie musical based on Lin-Manuel Miranda's stage production "In the Heights" was postponed by Warner Bros. from its June 26 release date and bumped to June 18, 2021.

Warner Bros.

"Malignant"

"Malignant," a horror film from director James Wan, was pushed indefinitely from its release date on Aug. 14 to clear the way for "Wonder Woman 1984" to open at the tail end of the summer.

Getty Images

"Peter Rabbit 2," "Morbius" and "Ghostbusters: Afterlife"

In a sweeping overhaul of its release slate, Sony moved three films it had scheduled for release this summer to the first quarter of 2021. The "Peter Rabbit" sequel will now be released in January 2021 while both "Morbius" and "Ghostbusters: Afterlife" have been moved to next March.

Sony

"Greyhound"

Sony has also moved a WWII drama written by and starring Tom Hanks off of its mid-June release date, though a new date has not yet been set.

Sony

"Wicked"

Universal has removed the movie musical adaptation of “Wicked” from its release slate from its original date on Dec. 22, 2021, and will be redated at a later time.

Getty Images

"Sing 2"

Illumination’s “Sing 2” will now open in the place vacated by “Wicked” on Universal's release slate on Dec. 22, 2021.

Illumination

"Top Gun: Maverick"

The sequel to the 1985 hit starring Tom Cruise has been pushed back from June 24 to December 23, 2020.

Paramount

"Candyman"

Universal's horror film "Candyman" from director Nia DaCosta and produced by Jordan Peele will move from its June 12 release date to Sept. 25, 2020.

Universal

"Praise This"

The Will Packer-produced musical comedy "Praise This" about a church choir was delayed from its Sept. 25 release date and will be re-added to the slate by Universal at a later date.

Photographed by Ian Spanier for TheWrap

"The Spongebob Movie: Sponge On The Run"

Paramount shifted the animated "Spongebob" movie from its release date on May 22 to now open on August 7.

Paramount Animation

"Jungle Cruise"

With the shift of "Mulan," Disney moved the release of the Dwayne Johnson adventure comedy "Jungle Cruise" back a full year to July 30, 2021.

Disney

"Free Guy"

The Ryan Reynolds video game comedy was meant to open July 3 but will now open Dec. 11.

20th Century Fox/Disney

"The French Dispatch"

Director Wes Anderson’s “The French Dispatch” moved from July 24, 2020 to Oct. 16, 2020 as part of Disney's shift of its entire release calendar.

Searchlight Pictures

Untitled Indiana Jones

The fifth Indiana Jones movie starring Harrison Ford has already shifted its release date in response to Disney's wave of other release changes. It will now open July 29, 2022.

Paramount

"Nobody"

Universal's "Nobody," a revenge thriller and action movie starring Bob Odenkirk from the writer of "John Wick" and the producers of "Atomic Blonde," was delayed from its Aug. 14, 2020 release date to now open on Feb. 26, 2021. As a result, an untitled M. Night Shyamalan thriller that was slated for that day is now undated and will be re-added to the calendar later.

Photograph by Steven Gerlich for TheWrap

"Soul" and "Raya and the Last Dragon"

Disney and Pixar's "Soul" was moved from its June release date to open on Nov. 20. It's now opening near where the Disney Animation Studios film "Raya and the Last Dragon" was meant to open. That movie will now debut March 12, 2021. It filled the slot of an unnamed Disney live-action film that has now been removed from the slate.

Walt Disney Studios/Pixar

"Infinite"

The latest film from director Antoine Fuqua starring Mark Wahlberg, "Infinite," was pushed back by Paramount from its Aug. 7 release date to now open on Memorial Day weekend, May 28, 2021. The film is currently in post-production, and while "Infinite" wasn't explicitly pushed back due to the coronavirus, the new date allows the studio more time to ramp up the film's original intellectual property.

Getty Images

"The Many Saints of Newark"

The prequel to "The Sopranos" that follows a young Tony Soprano, played by James Gandolfini's son Michael Gandolfini, during the 1960s Newark riots was pushed to 2021, now opening on March 12, 2021 after originally being slated for a September 2020 release.

Getty Images

"King Richard"

The biopic about the life of tennis great Richard Williams starring Will Smith was pushed from its November 2020 release date to now opening almost a full year later on Nov. 19, 2021.

Getty Images

"Venom: Let There Be Carnage"

While the "Venom" sequel did get a new title from Sony in its latest update, "Let There Be Carnage," it also found itself pushed back from an October release to now open on June 25, 2021.

Sony

"Dungeons & Dragons"

Paramount's movie based on the "Dungeons & Dragons" game from the directors of "Game Night," John Francis Daley and Jonathan Goldstein, has been delayed from a November 2021 release date to May 27, 2022.

Getty Images

"Spell"

Paramount's horror film starring Omari Hardwick that was set for release in August of this year was pulled from the release calendar, with no new date set as of yet.

Starz

"John Wick: Chapter 4"

The fourth movie in the Keanu Reeves action franchise "John Wick" was moved back a full year to now open May 27, 2022. Lionsgate also juggled several of its other big releases to 2021 and 2022, including "Fatale" (10/30/20), "Voyagers" (11/25/20), "The Asset" (4/23/21), "Barb and Star Go to Vista Del Mar" (7/16/21), "The Hitman's Wife's Bodyguard" (8/20/21) and "American Underdog: The Kurt Warner Story" (12/10/21). Further, the films "Run" and "Jesus Revolution" are both without release dates.

Lionsgate

"Antebellum"

Lionsgate's horror movie "Antebellum" starring Janelle Monáe was moved from its April release date to now being the studio's next most earliest release in 2020 on Aug. 21.

Lionsgate

"Spiral"

"Spiral," Chris Rock's new take on the "Saw" franchise that stars himself and Samuel L. Jackson, was moved from a summer 2020 release to now open on May 21, 2021.

Lionsgate

"The Forever Purge"

The fifth film in "The Purge" horror franchise was meant to open in theaters on July 10 of this year but was pulled from the release calendar. No new date has been set as of yet.

Universal

"Kajillionaire"

"Kajillionaire," the latest film from director Miranda July that made its debut at Sundance and stars Debra Winger, Richard Jenkins and Evan Rachel Wood, has been pushed from its planned June release date to now open Sept. 18, 2020. However, the film will still open theatrically in a limited release.

Courtesy of Sundance Institute/Focus Features

1 of 64

Release slates for 2021 and beyond are taking shape as studios look to write off summer 2020

As the coronavirus continues to spread, an increasing number of movies are delaying or suspending production. As the number of impacted movies grows, TheWrap felt it would be most informative to keep a running list.